Human beings are incredibly talented, but there are some situations where it’s better for us to train something else to do a job. For instance, when it comes to COVID-19, we’ve found that both dogs and artificial intelligence have ways of detecting the disease more accurately than a human. And when it comes to real estate, while dogs can mainly only provide moral support, it turns out that artificial intelligence is great at finding new leads.
Real estate tech company SetSchedule reviews housing market data using artificial intelligence to spot trends that humans might miss and determine which houses are soon to go on the market.
How Do They Do That?
Artificial intelligence was designed for just this sort of thing. Feed a machine learning algorithm a lot of data, and it can spot patterns and come to conclusions far faster than a human being can.
After all, the human brain has to perform a lot of functions: it has to keep our body running, process all of the information it’s receiving from our senses, remember to get milk on the way home from the store, keep track of colleagues’ names, and so much more, before you even ask it to consider the local real estate market.
The complicated algorithm behind SetSchedule reviews data. That’s all it does. It has no nervous system, no to-do list, no social calendar. Machine learning algorithms are built for one purpose, and so they are very good at what they do.
SetSchedule Reviews Data from Many Sources
In order to determine how likely a home is to go on the market in the near future, SetSchedule reviews a variety of data sources. This includes the sales history of individual homes, the demographics of the area, the current market conditions, and more.
This allows the algorithm to identify houses that have a high mathematical probability of going on to the market. Of course, the algorithm can only work with available data. It doesn’t know things such as individual homeowner sentiment, and human beings can surprise us by behaving in unpredictable ways.
Why AI?
SetSchedule was designed to address a common pain-point for real estate agents. Generating new leads of homes ready to go on the market can be a very time-consuming process. It’s a necessary part of the business, but it’s not necessarily most agents’ favorite part of their job, especially when it results in frustrating dead ends.
Now, while SetSchedule reviews the market data and identifies new leads, agents can focus on what they’d rather be doing, such as following up on existing leads, scheduling showings, and creating new listings.
These days, many applications of artificial intelligence, machine learning, and automation are designed to help people be more efficient at their jobs, or to allow them to outsource undesirable, repetitive tasks that don’t require a human touch.
The workplace is changing as technology makes certain parts of our jobs easier or obsolete. Real estate is just one of the many industries that are experimenting with the possibilities of 21st-century innovation as a way to work smarter instead of harder.
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